Australia's embattled AMP says chief risk officer for advice resigned

Reuters Staff

2 Min Read

SYDNEY, May 17 (Reuters) - AMP Ltd on Thursday announced the resignation of its chief risk officer for advice, the seventh senior official to depart following allegations of criminal misconduct at Australia’s biggest wealth manager.

Pally Bargri, chief risk officer for advice, had earlier announced his resignation in a post on social network platform LinkedIn, saying, “I have insufficient capacity to carry through the important task of navigating the days and months ahead”.

AMP did not elaborate on reasons for Bargri’s resignation.

AMP has lost a number of executives including former Chief Executive Craig Miller and Chairwoman Catherine Brenner following revelations at the government-ordered Royal Commission that the firm had lied to regulators and allegedly doctored an independent report.

Last week, three directors quit AMP’s board following calls for their resignation from investors who have also expressed displeasure through class action lawsuits and voting overwhelmingly against executive pay plans at its annual general meeting.

AMP has begun an “internal and external search process” to replace Bargri, who will leave in mid-July, a spokeswoman for AMP said in an emailed statement to Reuters.

AMP shares have lost A$4.5 billion ($3.4 billion) of their market value since early March. The stock is down about 30 percent so far this year, hovering near six-and-a-half year lows.

The next round of public hearings for the Royal Commission begins on Monday. ($1 = 1.3278 Australian dollars)